AWAC owns and operates the San Ciprian alumina refinery, on the east coast of Spain.

San Ciprian has an annual production capacity of 1.5 million tonnes. Bauxite for the refinery is shipped from Boké, Guinea.

Around 70% of San Ciprian's alumina is supplied to Alcoa's aluminium smelters in Spain. Remaining production is largely sold as commodity hydrated alumina to European chemical manufacturers.

San Ciprian's location allows commodity grade alumina to be sold within the European Union without the high tariffs imposed on non-European suppliers.

AWAC has a 45% interest in the bauxite mining company, Halco (Mining) Inc. Halco owns 51% of Compagnie des Bauxites de Guinéa, the manager of several bauxite mines at Boké in north-west Guinea, West Africa. The Republic of Guinea owns the remaining 49% of Compagnie Guinee.

In December 2009, Alcoa Inc and Ma’aden entered into an agreement setting forth terms of a joint venture between them to develop a fully integrated aluminium complex in the Kingdom of Saudi Arabia.

AWAC would have a 25.1% economic interest in the bauxite mine and alumina refinery only. The mine will have an initial capacity of 4.0 million metric tonnes per year and the refinery would have an initial capacity of 1.8 million metric tonnes per year. First production from the mine and refinery is expected in 2014.

Alumina's equity contribution over the period 2010 - 2014 is expected to be approximately US$150 million.

AWAC owns and operates a shipping operation that provides transport for AWAC's alumina business and to third parties, including Alcoa. Operating seven owned and other chartered vessels, this business transports bauxite, alumina, caustic soda, fuel oil, petroleum, coke and limestone. Two large carriers operate between Australia and the United States, carrying alumina to smelters on the west coast of the United States and backfilling with raw materials such as petroleum, coke and caustic soda for the Australian alumina operations. Three smaller vessels operate in the Caribbean carrying alumina from Suriname and Jamaica to the south and north coasts of the United States. These ships are also backfilled with raw materials for the Suriname and Jamaican operations. AWAC operates two 30,000-tonne-vessels that transport alumina from the West Australian refineries to the Victorian aluminium smelters. AWAC also charters carriers to transport bauxite, alumina and aluminium between its various global operations.